Mobile banking apps grow popular

Mobile applications provided by financial institutions are much adopted and frequently used, concludes an online survey of 1,000 U.S. consumers by TSYS.

Fifty percent of survey respondents said they have installed a mobile app from their bank. Of those respondents, 70% said they use the app a few times a month or more.

“We expect the emphasis on digital engagement and technology to continue as innovation increases and new products become available to consumers,” says John Hester, group executive of Relationship Management at TSYS. “Providing a more robust customer experience and expanded consumer choices will help drive progress and innovation within the payments industry.”

Other key findings included:

• Debit trend down. Although debit continues to be the most preferred payment type among U.S. consumers, it has declined during the last two years. Forty-one percent of consumers prefer debit cards, down from 43% in 2014 and 49% in 2013. Credit card preference held steady at 35%.

• Giving back for business. Loyalty and rewards are important in driving consumer behavior and affecting payment preference. Fifty-five percent of respondents chose rewards as the most attractive feature of their preferred credit card.

• Drop me an email. When interacting with their financial services provider, email is the most preferred channel of communication among consumers. Forty-six percent reported preferring email communication from their bank regarding purchase transactions.

• Little goes a long way. When asked about the frequency of getting marketing and special offers, 43% of respondents reported that they would prefer to receive these communications once a month.

Download TSYS 2015 U.S. Consumer Payment Choice Study [Registration required]